บทวิเคราะห์ (Research)

NER is one of Thailand’s most undervalued stocks, trading at only 3-5x 2024E-26E P/E despite its highly sustainable and solid net profit trajectory. NER’s sell-and-lock strategy for the rubber selling price to fully match its rubber cost within one day has been its core competitiveness to its sustainable net profits compared to competitors’ highly volatile profit abilities. We maintain Buy and our TP of THB8, based on 7x 2025E P/E. We think in 2025E onwards NER is poised to transform from a dividend stock to growth stock as NER will expand its capacity further by 30% from 515.6ktpa to 685.6ktpa to timely capture the wider margins and rising demands on the improving rubber availability in Thailand.